4:30 am Pacific

(Exclusive to BMR subscribers – Not for Distribution or Posting on any Board).

Market Update

• U.S. stock futures are in the green this morning as Wall Street prepares to kick off a shortened Thanksgiving trading week. Markets are closed on Thursday for Thanksgiving Day and end early on Friday. Despite the shortened trading week, the interest rate outlook is back in focus with the release Wednesday of October’s Personal Consumption Expenditure (PCE) Price Index, the Federal Reserve’s preferred inflation measure. Minutes from the Fed’s most recent policy meeting are also due out ahead of Thanksgiving;
• Traders currently see a 56% chance of another 25 basis points rate cut in December, compared to 62% last week, according to latest data from the CME FedWatch Tool;
• Wall Street is coming off a winning week as the post-election rally picked up again. The 30-stock Dow advanced around 2% last week and posted a record close on Friday. The S&P 500 and NASDAQ each rose about 1.7%. The small-cap Russell 2000 jumped roughly 4.5% during the week. President-elect Trump signaled his intention to nominate Key Square Group founder Scott Bessent as Treasury Secretary. Investors view the pick favorably and see the hedge fund manager as someone who will be supportive of the equity market;
• Amid rumours that Israel and Lebanon are on the verge of a ceasefire, Gold is under pressure after a powerful run last week. As of 4:30 am Pacific, the yellow metal is off $35 an ounce at $2,681 after dipping as low as $2,658;
• The Uranium Spot price is down 15% year-to-date to $77 per pound, but risk-reward may be starting to turn more positive as supply challenges mount. The supply side is tightening up, with challenges at Niger and junior miners ramping up more slowly than expected. Russia’s export restrictions to the U.S. should support contracting activity, although they see the ban as manageable with redirection of trade flows, according to Morgan Stanley;
• Bitcoin is threatening to top the $100,000 level for the 1st time as Trump’s promise to turn the U.S. into the world’s Bitcoin superpower lights a fire under investors. As of 4:30 am Pacific, BTC is up 1.4% at $98,064;
• Crypto accounted for nearly half of all corporate dollars that flowed into the November 5 U.S. elections, according to non-profit watchdog Public Citizen. Advocacy group Stand With Crypto Alliance, which Coinbase launched last year, developed a grading system for House and Senate races across the country as a way to help determine where money should be spent. Crypto execs, investors and evangelists saw the election as existential to an industry that spent the past 4 years simultaneously trying to grow up while being repeatedly beaten down. Nearly 300 pro-crypto lawmakers will take seats in the House and Senate, according to Stand With Crypto, giving the sector unprecedented influence over the legislative agenda. The crypto political lobby worked so well this cycle because it made something complicated, like campaign finance, simple: Raise a ton of cash from a handful of donors and buy ad space in battleground states to either support candidates who back crypto or smear the candidates who don’t;
• Canadians have paid a steep price for the incompetent leadership of Justin Trudeau and the federal Liberals as you can see in the graphic below. Over the last decade, under Trudeau, annual GDP-per-capita growth in Canada has averaged just 0.3%. Notably, Canadians are now significantly poorer than their U.S. counterparts. But “diversity” is our strength! (as Trudeau and other woke “progressives” would say!). Canada needs a MAJOR shakeup (a complete overhaul) in its approach to just about everything – the nation is failing.

Spirit Blockchain Capital (SPIR, CSE)

Spirit Blockchain Capital (SPIR, CSE) has climbed 3 weeks in a row, gaining a whopping 433% during that time, and remained under strong accumulation late last week in the upper 20’s and low 30’s after increasing its private placement price and closing the acquisition of Dogecoin Portfolio Holding Corp.

This acquisition of Dogecoin Portfolio Holding positions Spirit as a powerful player in the Dogecoin ecosystem, a symbol of the democratization of finance through decentralization and community-driven innovation.

Lewis Bateman, CEO of Spirit, commented: “We see the evolution from mutual funds to ETFs, and now to tokenized funds, as a natural progression in asset management. Tokenization offers a secure, transparent way to protect and enhance the sovereignty of personal assets on-chain, leveraging blockchain to enable a level of trust and accessibility that is invaluable. By bringing Dogecoin Portfolio Holding Corp. into this landscape, we are not only aligning with innovation but setting new standards in how assets are managed, accessed and protected for future generations.”

Sean Zubick, co-founder and strategic adviser of Dogecoin Portfolio Holding, remarked: “Being the first public proxy to Dogecoin allows the world to build exposure without the need for a crypto wallet. Dogecoin as a technology is in its early adoption, and with the momentum of the crypto bull market and key global figures like Elon Musk working towards increasing adoption – we like the coin!”

Dogecoin climbed as high as 48 cents over the weekend and is currently at 43 cents (U.S.), slightly ahead of where it was last Friday.

SPIR 2-Yr Weekly Chart

All indicators remain very positive with the EMA-8 continuing to act as the supporting moving average.

MAX Power (MAXX, CSE)

Follow the money: New MAX Power (MAXX, CSE) CEO Mansoor Jan quickly pulled the trigger on a $1 million PP following his visit to Saskatchewan, and more than 2 million shares traded in MAXX Friday at a very strong technical support level for the stock.

“Saskatchewan could be Australia on steroids when it comes to Natural Hydrogen,” stated the CEO from Brisbane in a news release earlier this month.

The first public company in Canada that drills a well specifically for Natural Hydrogen is going to be handsomely rewarded – and MAXX is currently in position to win that race.

Technically, the first thing to watch for here is another test of the EMA-200 similar to early September and early October.  

American Eagle (AE, TSX-V)

American Eagle (AE, TSX-V) was a BMR discovery pick from Day 1 in late 2022, at just a nickel, and on Friday it touched $1 for the 1st time.

Upon closing of South32’s financing, AE will have nearly $40 million in its treasury – the perfect set-up for a huge 2025 on the drilling front at NAK which has emerged as Canada’s most exciting Gold-Copper porphyry discovery.

More drill results pending from this year’s program.

GoldQuest Mining (GQC, TSX-V)

Further to Daniel’s report over the weekend, keep a close eye on GoldQuest Mining (GQC, TSX-V) – in fact, subscribers would be wise to accumulate a position below the mid-30’s resistance given the bullish technical setup.

GQC is an old favorite that’s coming back to life.

Note the move above the low-to-mid-20’s and the reversal to the upside in the EMA-50 which has acted as superb support through most of 2024.

The 1,000-day EMA swung positive earlier this year, marking an important change in the long-term trend.

Note: John, Jon and Daniel hold share positions in MAXX. John and Jon also hold share positions in AE. Jon also holds a share position in SPIR.